4.8% drop in closed sales in Lehigh Valley housing market no cause for concern, analysts say

The Lehigh Valley housing market experienced a seasonal slowdown in October, but rising pending sales and strong mortgage application numbers suggest renewed buyer confidence heading into the final months of 2024.

The Greater Lehigh Valley Realtors in its monthly report says closed sales in Lehigh and Northampton counties decreased 4.8% compared to last October, totaling 596 transactions. However, pending sales improved 3.1% year-over-year to 600, a sign that future activity may strengthen.

“Mortgage applications for home purchases — a gauge of future buying activity — have posted consistent double-digit annual gains, rising 20% higher than a year ago in mid-October, according to data from the Mortgage Bankers Association,” said GLVR CEO Justin Porembo. “The Lehigh Valley followed suit in October, with pending sales improving 3.1% year-over-year.”

The median sales price in the two-county region rose 1.9% to $353,750, up from $347,000 a year earlier. Homes continued to sell quickly, moving in an average of 20 days, just one day slower than last October. Properties sold for 100.4% of their list price on average.

Available inventory dropped 4.8% to 794 units, while new listings fell 5.5% to 705. The months supply of inventory declined 12.5% to 1.4 months, reflecting tight market conditions.

In Carbon County, the median sales price decreased to $244,000. Closed sales totaled 69, while pending sales reached 65. New listings improved to 82, and inventory stood at 176 units, translating to 3.1 months of supply. Homes took an average of 38 days to sell.

“Nationally, we’re seeing signs of renewed buyer confidence, with pending home sales holding steady and showing one of the strongest paces of the year,” said GLVR President Michael Bernadyn.

Generative AI was used to draft this story based on data provided by the Greater Lehigh Valley Realtors. It was reviewed and edited by lehighvalleylive.com staff.

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